Deducting Meals and Entertainment Expenses: While the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated many deductions for business meals and entertainment. There are still some deductions available. Most of the deductions are in the form of business meals. There are select exceptions of when a business can also deduct entertainment expenses.
Traditional and Roth IRAs are great tools to use for financial, estate, and retirement planning. One way individuals “turbocharge” their IRA’s performance is to use a self-directed IRA, which is able to hold alternative investments that offer potentially higher returns. Although this is a useful feature, there could be some tax-traps that have the ability to throw a wrench into your plans if your self-directed are not carefully attended to.
California PPP Tax Conformity: Although it is no secret that California has yet to release information on whether or not it will partially conform state tax code to the current federal tax rules regarding forgiven Paycheck Protection Program (PPP) loans, CalCPA has shared why the delay is taking place.
Individual Tax Deadline Extended: The Internal Revenue Service (IRS) and Treasury Department announced today the 2020 tax year federal income tax filing due date for individuals has been automatically extended from April 15, 2021 to May 17, 2021. Just like last year, taxpayers do not need to file additional forms for the May 17, 2021 deadline. Formal guidance will be coming from the IRS soon.
Do you Run Your Business from Home? You Might be Eligible for Home Office Deductions If you are self-employed and work out of an office in your home, you may be entitled to home office business tax deduction. However, you must satisfy strict rules. Eligible taxpayers can deduct the “direct expenses” of the home office such as the costs of home office repairs. This includes the costs of painting or … Read more
Do you Want to go Into Business for Yourself? There are many ways to conduct a business for tax purposes, including as an S corporation or a partnership. But many new ventures start out as sole proprietorships. Here are nine business tax rules and considerations involved in operating as that entity. Seek assistance If you want additional information regarding the business tax aspects of your new business, or if you … Read more
NUMEROUS TAX LIMITS AFFECTING BUSINESSES HAVE INCREASED FOR 2020 A variety of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. How much can your employees contribute to 401(k) plans this year? How much do employees have to earn in 2020 before they can stop paying Social Security tax? Here are the answers to these and other questions about annual tax-related inflation adjustments affecting businesses. … Read more
Do Your Employees Receive Tips? You May be Eligible for a Tax Credit Employers in the food and beverage industry may be eligible for a valuable tax break with the Social Security and Medicare (FICA) taxes tip credit. Here’s how it works. How the credit works The FICA credit applies with respect to tips that your employees receive from customers in connection with the provision of food or beverages, regardless … Read more
It May Not be Too Late to Cut Your 2019 Taxes Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to implement a cut 2019 taxes strategy, including: Buying Assets Considering purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in service by December 31, … Read more
